Magnolia Oil & Gas Corporation · NYSE:MGY
Magnolia Oil & Gas — Investor Presentation (October 2026)
22 slides from Magnolia Oil & Gas's investor presentation, October 2026
Slide 1: October 2026 Investor Presentation
October 2026 Investor Presentation
Slide 2: Disclaimer
October 2026 Investor Presentation Disclaimer FORWARD LOOKING STATEMENTS The information in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All state
Slide 3: Magnolia Oil & Gas Overview
October 2026 Investor Presentation Magnolia Oil & Gas Overview • High-quality, low-risk pure-play South Texas operator with core Eagle Ford and Austin Chalk positions acquired at attractive entry costs Texas • Large PDP base with concentrated scale generates material free cash flow, with low develop
Slide 4: Magnolia's Differentiated & Proven Business Model
October 2026 Investor Presentation Magnolia’s Differentiated & Proven Business Model Differentiated & Proven Business Model Capital Allocation Priorities ✓ Maintain Conservative Leverage 1) D&C Capital of <=55% of Adjusted EBITDAX – Focus on Steady Reduction of Debt from WildFire Acquisition – Minim
Slide 5: Cash Flow Allocation Matches Magnolia's Business Model
October 2026 Investor Presentation Cash Flow Allocation Matches Magnolia’s Business Model Allocation of Operating Cash Flow – Since Inception Dividends & (7/31/2018 – 6/30/2026) Cash Build 10% Magnolia’s “recipe” is a disciplined allocation of capital, low reinvestment rate, and a strong balance Sha
Slide 6: Highly Accretive Acquisition Creates the Premier Eagle Ford/Austin Chalk Position
October 2026 Investor Presentation Highly Accretive Acquisition Creates the Premier Eagle Ford/Austin Chalk Position WildFire Total Consideration $4.06 B Strong Strategic Fit With Highly Contiguous Acreage in Giddings Equity1 Cash & Debt2 $2.08 B (~51%) $1.98 B (~49%) ➢ Acquisition Announced on 7/20
Slide 7: Acquisition Improves on Magnolia's Unique E&P Platform
October 2026 Investor Presentation Acquisition Improves on Magnolia’s Unique E&P Platform ✓ Creates the Dominant Eagle Ford/Austin Chalk E&P Company through Combining Two High-Quality, Complementary Assets Substantial Increase in Duration of High-Return Development ✓ Opportunities through Expanded E
Slide 8: Synergy Capture to Drive Higher Margins & Free Cash Flow
October 2026 Investor Presentation Synergy Capture to Drive Higher Margins & Free Cash Flow Complementary Assets & Operations Lead >$100 Million of Annual Synergies by YE 2027 to Significant Synergy Capture ($ MM) Drilling, Completions & Facilities $20 >$100 • Extended Laterals and Materials Benefit
Slide 9: Key Milestones Achieved Since WildFire Announcement
October 2026 Investor Presentation Key Milestones Achieved Since WildFire Announcement Key Milestones Achieved Portfolio Optimization • Sold non-core assets for total consideration of $47.5 million plus received 616 net acres in Gonzales County increasing our working interest in a contiguous block o
Slide 10: Core Karnes Area Assets
October 2026 Investor Presentation Core Karnes Area Assets Asset Overview • Mature asset offers significant free cash flow and a low base Texas production decline • Acreage located in the core of the Eagle Ford offering very strong economic returns in Karnes, Gonzales and DeWitt counties – ~26,000 n
Slide 11: Strong Progress on Strengthening the Balance Sheet
October 2026 Investor Presentation Strong Progress on Strengthening the Balance Sheet At current strip pricing, Magnolia’s leverage is below 1.0x net debt to 2027E EBITDA, more than a year sooner than expected at the time of announcing the WildFire acquisition.
Slide 12: Sizable & Consistent Cash Return to Shareholders
October 2026 Investor Presentation Sizable & Consistent Cash Return to Shareholders ~$2.2 Billion Returned to Shareholders Cumulative Return of Capital ($MM) $2,179 $1,913 ❑ Magnolia has a strong track record of returning capital to shareholders $1,591 ❑ Returned ~35% of current market cap $1,213 ov
Slide 13: History of Significant & Consistent Share Repurchases
October 2026 Investor Presentation History of Significant & Consistent Share Repurchases 90 Magnolia’s Consistent Share Repurchases (1) (million shares repurchased) 6.0 80 8.9 70 11.0 60 9.6 50 15.5 (87.8) 40 30 25.3 20 10 4.5 7.0 0 2019 2020 2021 2022 2023 2024 2025 2026 YTD Total (1) Class A share
Slide 14: Track Record of a Safe, Sustainable and Growing Dividend
October 2026 Investor Presentation Track Record of a Safe, Sustainable and Growing Dividend Annualized Dividend Payout Per Share CAGR Has Exceeded 15% $0.72 ❑ Magnolia’s dividend has grown at a double-digit rate over the past 5 years $0.66 $0.60 ❑ Increased quarterly dividend by 9% to $0.18 /share f
Slide 15: Fourth Quarter & FY 2027 Operating Plan & Guidance
October 2026 Investor Presentation Fourth Quarter & FY 2027 Operating Plan & Guidance FY 2027 Guidance 2027E Capital Q4 2026 Guidance ~10-12% Production Growth Karnes Production FY 2027 Organic Total & Oil Growth 159 - 161 Mboe/d (49% to 50% oil) 4% – 5% ~88-90% D&C Capital Spending D&C Capital Spen
Slide 16: Summary Investment Highlights
October 2026 Investor Presentation Summary Investment Highlights High-Quality Assets Positioned for Success • Dominant position in the Giddings area with low capital reinvestment rate, low breakevens and unmatched running room • Coveted position in the Karnes area in the core of the Eagle Ford Posit
Slide 17: Appendix
e = MAGNOLIA Olt s Gags Appendix
Slide 18: Business Risks Adequately Managed
October 2026 Investor Presentation Business Risks Adequately Managed Level of Risk Acceptable to Magnolia Low Risk Moderate Risk Fully Exposed Risk Factor Geologic/Exploratory Political Cost Risk Reinvestment Commodity Financial 18
Slide 19: Oil Derivative Positions
October 2026 Investor Presentation Oil Derivative Positions Recently Added Magnolia Hedges Crude Oil Costless Collars (MEH) Sep - 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Notional Volume (Bbls) 900,000 3,680,000 2,700,000 2,275,000 920,000 - Weighted Average Floor Price ($/Bbl) $72.50 $73.75 $70
Slide 20: Margins and Cost Structure
October 2026 Investor Presentation Margins and Cost Structure For the Quarters Ended $ / Boe, unless otherwise noted June 30, 2026 June 30, 2025 Revenue $49.60 $35.68 Total Cash Operating Costs: Lease Operating Expenses (1) (4.92) (4.78) Gathering, Transportation & Processing (1.78) (1.84) Taxes Oth
Slide 21: Return on Capital Employed
October 2026 Investor Presentation Return on Capital Employed For the Quarter Ended (in thousands) June 30, 2026 Operating income $239,501 Operating income (A) $239,501 Debt - beginning of period 393,442 Stockholders' Equity - beginning of period 2,035,881 Capital employed - beginning of period 2,42
Slide 22: Magnolia's Commitment to Sustainability
October 2026 Investor Presentation Magnolia’s Commitment to Sustainability Safeguarding Supporting Employees and Governing with Integrity the Environment Communities • 24-percent reduction in gross • $309 million in royalty, lease, and • 50-percent refreshment rate with 4 Scope 1 greenhouse gas inte
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